SEC Enforcement Under the Current Administration: Takeaways from the FY 2025 Results and the First Six Months of FY 2026

On April 7, 2026, the SEC released its enforcement results for fiscal year 2025 (the “Release”). The Release is notable for both its explicit and aggressive criticism of the prior administration’s approach to enforcement, as well as its articulation of the current Commission’s enforcement priorities. The Release lays out a vision for SEC enforcement that prioritizes fraud enforcement, retail investor protection, individual accountability, and clearcut violations over what the current Commission... By: King & Spalding